Common-Size Income Statement
Quarterly Data
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FedEx Corp., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-11-30), 10-Q (reporting date: 2025-08-31), 10-K (reporting date: 2025-05-31), 10-Q (reporting date: 2025-02-28), 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
- Revenue and Operating Expenses
- Revenue is consistently used as the baseline (100%) for all periods. Operating expenses as a percentage of revenue fluctuate within a range generally between approximately 91.9% and 97.7%. These expenses show some volatility, with lower relative operating expenses observed mostly during mid-2020 and again in certain quarters of 2025. This variability points to periodic cost management adjustments possibly in response to external conditions.
- Salaries and Employee Benefits
- This cost category remains the largest single expense, typically ranging from about 32.4% to 37.2% of revenue. While there are some fluctuations, a slight downward trend can be inferred during some quarters of 2022 and 2023, followed by increases thereafter. The oscillations reflect changing labor cost structures and potentially workforce adjustments over time.
- Purchased Transportation
- The cost of purchased transportation generally comprises 22% to 26.5% of revenue, with notable peaks around early 2020 and again in late 2021 to early 2022. A decreasing trend is observed in mid-2020 and some quarters of 2023, possibly tied to operational efficiency improvements or market conditions affecting outsourcing transportation.
- Rentals and Landing Fees
- Rentals and landing fees remain relatively stable, fluctuating narrowly between approximately 4.8% and 5.4% of revenue. This stability suggests fixed contractual costs or consistent utilization of facilities and aircraft landing slots without significant variation over time.
- Depreciation and Amortization
- This category steadily accounts for around 4.1% to 5.3% of revenue across all periods. Minor fluctuations are present but do not indicate significant changes in capital asset base or amortization policies during the observed quarters.
- Fuel Costs
- Fuel expense shows significant variability. Early 2020 quarters indicate lower percentages, with a marked increase in fuel costs peaking beyond 7% of revenue in mid-2022. Subsequently, there is a gradual decrease in fuel expense as a percent of revenue through 2023 into 2025, reflecting either fuel price volatility or improvements in fuel efficiency and fuel hedging strategies.
- Maintenance and Repairs
- Maintenance and repair costs consistently vary between approximately 3.4% and 4.5% of revenue. Slight downward trends were noted in late 2021 and early 2022, with increases returning in subsequent periods. These changes may correspond to the maintenance cycle and fleet age or operational intensity adjustments.
- Separation and Other Costs
- These costs are largely absent until late 2024 and early 2025, appearing as negative values indicating occasional charges related to workforce reductions or restructuring activities in those periods.
- Goodwill and Other Asset Impairment Charges
- Impairment charges sporadically appear, most notably in late 2019, mid-2020, and intermittently through 2022–2025, but remain relatively minor in terms of percentage. This suggests occasional one-time write-downs impacting earnings in certain quarters.
- Business Optimization Costs
- These costs, often related to restructuring and efficiency initiatives, show increasing frequency and magnitude starting from early 2021 through 2025, ranging from minor impacts up to about -1.5% of revenue. The rising trend may indicate ongoing efforts to optimize operations.
- Other Operating Costs
- The residual "Other" costs consistently consume 13.8% to 16% of revenue. Despite some quarterly fluctuations, this group remains a stable and significant component of total operating expenses.
- Operating Income
- Operating income as a percentage of revenue varies notably, with the lowest points near 2.3% early in the COVID-19 pandemic and the highest around 8% in mid-2020 and again in 2025. The pattern reveals resilience and a degree of operational recovery following economic disruptions, with some quarters exhibiting strong profitability.
- Interest Expense
- Interest expense trends downward as a percentage of revenue over time, falling from roughly 0.8% in 2019 to near 0.4% in later quarters of 2024 and 2025. This reduction reflects improved debt management or declining debt levels.
- Retirement Plan Income (Loss)
- This item is notably volatile, with positive contributions in some quarters and negative impacts in others, particularly coinciding with economic downturns or changes in actuarial assumptions. Some large positive spikes occur in mid-2021 and mid-2023, indicating favorable adjustments in retirement plan valuations.
- Loss on Debt Extinguishment and Other Non-Operating Items
- Loss on debt extinguishment is infrequent, with a single observable impact in mid-2021 representing a one-time charge. Other income (expense) items fluctuate, with occasional material negative impacts such as in mid-2020 and mid-2022, but also strong positive contributions in mid-2021, mid-2023, and mid-2025, reflecting variable ancillary financial activities or market conditions.
- Income Before Taxes and Net Income
- Income before taxes follows a similar pattern to operating income but with more pronounced fluctuations due to non-operating items. Negative income before taxes is observed only in mid-2020, coinciding with the onset of the pandemic. Net income similarly mirrors these trends, with low or negative values in early 2020 and recovery to moderately strong profitability thereafter. Overall, net income as a percent of revenue ranges roughly from -1.9% to over 7%, indicating a substantial recovery and consistent profitability in most quarters.
- Income Tax Provision
- The provision for income taxes varies from negligible negative percentages to around -2.7% of revenue, showing some volatility related to pretax income fluctuations and tax rate changes, with higher tax impacts during quarters of stronger profitability.